Health Savings Accounts

As health care becomes more expensive, Alliance Bank offers a solution that fits the needs of both employers and employees. With a Health Savings Account (HSA) from Alliance Bank, employers can provide a cost-effective health care option while offering employees greater security and control over health care finances. Our Health Savings Account is designed to be an easy-to-understand, easy-to-use way to offset high-deductible insurance costs.

Who is eligible for an HSA?

Anyone can contribute to an HSA if they have coverage under a high deductible health plan that meets IRS requirements, as long as they do not have other first-dollar medical coverage, are not enrolled in Medicare or cannot be claimed as a dependent on someone else's tax return.

Maximum Contribution Limits:

Coverage

Contribution Maximum 2018

Contribution Maximum 2019

Individual with Self Coverage

$3,450

$3,500

Individual with Family Coverage

$6,900

$7,000

Catch Up Contributions
(Age 55 and older)

$1,000

$1,000

Minimum Annual Deductible/Maximum Out-Of-Pocket Expenses:

Type of Coverage

Minimum Annual Deductible 2018

Minimum Annual Deductible 2019

Maximum Annual Out-of-Pocket Expenses 2018

Maximum Annual Out-of-Pocket Expenses 2019

Self-Only

$1,350

$1,350

$6,650

$6,750

Family

$2,700

$2,700

$13,300

$13,500

Key Advantages of an HSA for the employer:

Flexibility. You can contribute as much or as little as you want while staying below the annual statutory limit on contributions to the account. Contributions can be made in a lump sum or in any amounts or frequency you wish. After the funds are deposited, they belong to the employee.

Convenience. If you choose to make a contribution to employee HSA, you may do so through Business eBanking or a bank deposit.

Reduce administrative costs. Employees self-administer their HSA so there are minimal administrative costs for your company.

Provide a savings vehicle for employees. Funds are assets that employees own, so they can use them to supplement their retirement income and build personal wealth.

Enhanced employee benefits package. HSAs are an inexpensive health care option for employers that may otherwise not be able to afford healthcare for their employees. Providing affordable health care benefits may help attract and retain highly desired talent.

To learn more about an Alliance Bank HSA, visit with an Alliance Banker or visit our frequently asked questions section.